This dissertation provides empirical evidence on the market reaction to earnings warnings and management’s motivation to issue earnings warnings. Earnings warnings are any earnings-related management voluntary disclosures made prior to the earnings announcement date.1 Firms use earnings warnings to provide timely information to their shareholders and investors as well as financial analysts regarding their expected current period performance prior to the earnings announcement date (Ip , McLean  and Stone ).
Real estate markets globally have been severely affected by ongoing
unprecedented economic turmoil, particularly in Europe and the United
States. This is expected to continue. The Australian real estate market
has, in this time, emerged as a destination of choice for global real estateReal estate markets globally have been severely affected by ongoing
unprecedented economic turmoil, particularly in Europe and the United
States. This is expected to continue.
Globally, we are utilizing government benchmarking
programs to measure performance and comply with local
and federal regulations and disclosure requirements. these
include programs such as EnERGy staR in the u.s.,
Energy performance Certificates (EpCs) across Europe, the
national australian built Environment Rating system
(nabERs), and the Comprehensive assessment system for
built Environment Efficiency (CasbEE) in Japan.
If a company files a disclosure document
late—or not at all—or we find that a
document contains a significant deficiency,
we will place the company on our default list.
Depending on the nature of the default, we
may issue a “management cease trade order”
or an “issuer cease trade order”. In a
management cease trade order, the
company’s senior management and insiders
must stop trading in the company’s
securities until the default is corrected.
In this chapter, the learning objectives are: Define information risk and explain how the financial statement auditing process helps to reduce this risk, thereby reducing the cost of capital for a company; define and contrast financial statement auditing, attestation, and assurance services; describe and define the assertions that management makes about the recognition, measurement, presentation, and disclosure of the financial statements and explain why auditors use them as the focal point of the audit; define professional skepticism and explain its key characteristics.
To understand an entity’s internal control, the auditor will evaluate the design and implementation of a control.
The auditor's primary consideration is whether, and how, a specific control prevents, or detects and corrects, material misstatements in classes of transactions, account balances or disclosures.
The heaviest emphasis by auditors is on controls over classes of transactions rather than account balances or disclosures
Advances in Quantitative Analysis of Finance and Accounting (New Series) is
an annual publication designed to disseminate developments in the quantitative
analysis of finance and accounting. It is a forum for statistical and quantitative
analyses of issues in finance and accounting, as well as applications of
quantitative methods to problems in financial management, financial accounting
and business management. The objective is to promote interaction between
academic research in finance and accounting, applied research in the financial
community, and the accounting profession....
This is a book for businesspeople. All decisions in a business
organization are made in accordance with how they will affect
the organization’s financial performance and future
financial health. Whether your background is in marketing, manufacturing,
distribution, research and development, or the current
technologies, you need financial knowledge and skills if you are to
really understand your company’s decision-making, financial, and
overall management processes.
My intention in starting this book was to write a second edition of an earlier book I wrote,
Consolidated Financial Statements: Concepts, Issues and Techniques (Paul Chapman Publishing,
1987). It soon became apparent that the area had changed so radically in the last eight years
that a complete rewrite was necessary, and hence this new book has been born (or rather quarried!).
Describe the purpose of the balance sheet and understand its usefulness and limitations.
The Balance Sheet
The purpose of the balance sheet is to report a company’s financial position on a particular date.
Limitations: The balance sheet does not portray the market value of the entity as a going concern nor its liquidation value. p Resources such as employee skills and reputation are not recorded in the balance sheet.
Usefulness: p The balance sheet describes many of the resources a company has available for generating future cash flows.
We obtain our list of SRI funds from the Social Investment Forum's (SIF) reports published
in 1997, 1999, 2001, 2003, and 2005.
Each report contains comprehensive information about
SRI in the US for both the publication year and the preceding one. In particular, the reports
contain a list of SRI mutual funds compiled by SIF. To construct this list SIF employs a direct
survey methodology and gathers information from third parties. A fund is included in the SIF
list if it utilizes one or more social or environmental criteria as part of a formal investment
To be included in...
Thus, the return gap captures the funds’ unobserved actions, which include
hidden beneﬁts and hidden costs.An important hidden beneﬁt results from
a fund’s interim trades, as discussed in Ferson and Khang (2002). Even
though we can observe fund holdings only at speciﬁc points in time, funds
may trade actively between these disclosure dates. If these interim trades
create value, then the fund return RF will increase, while the return of
the disclosed holdings RH will remain unaffected.
In this study, we make use of a complete dataset of property trades by institutional-grade
REITs who are legally mandated to report such trades to the SEC in their 10-K and 10-Q reports,
thus providing both complete trading information and eliminating selection bias. We augment
this information with a dataset of property trades made by portfolio managers of private entities,
such as commingled real-estate funds, who have legally committed to disclose this information to
a private data collector under a strict non-disclosure agreement.
In 2008 and 2009, the policy challenge was all about putting
out ﬁres. It was a call to action to address a lot of issues, and
ICI was deeply involved with regulators and other market
participants to sort things out.
This year and last, we’ve been in a dierent phase. It’s not
uncommon after any ﬁnancial crisis to have a regulatory
response, and this one has been broad and deep. Essentially,
the sprint of 2008 has turned into a marathon. You have to call
on dierent skills and dierent muscles. So now, perseverance
is the order of the day. And what...
Lectures "Marketing management - Chapter 5: Creating long term loyalty relationships" provides students with the knowledge: What are customer value, satisfaction, and loyalty, and how can companies deliver them; what is the lifetime value of customers, and how can marketers maximize it;... Invite you to refer to the disclosures.
While it is not the primary objective of this article to discuss differences
between national codes, a number of distinguishing characteristics nevertheless
bear mentioning. A first important variable is the scope of corporate governance
codes or recommendations. Naturally, most codes examined for this article (and
in most other member countries) address issues such as the equitable treatment
of shareholders, operation and accountability of boards and management,
transparency and disclosure, as well as minority shareholder protection.
The Securities and Exchange Commission (“Commission” or “SEC”) has
prepared this Report on the role and function of credit rating agencies in the operation of
the securities markets in response to the Congressional directive contained in the
Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”).
A corporation can be viewed as a nexus of contracts designed
to minimize contracting costs (Coase 1937). Parties
contracting with the firm desire information both about the
firm’s ability to satisfy the terms of contracts and the firm’s
ultimate compliance with its contractual obligations. Financial
accounting information supplies a key quantitative
representation of individual corporations that supports a wide
range of contractual relationships.